Can I Study from the 2017 CFA Level 1 Books for the 2019 Exam?
The CFA curriculum is updated annually, and it is crucial to stay current with the latest material for the exam. While the 2017 CFA Level 1 books may still contain valuable information, relying solely on them for the 2019 exam is not recommended. The CFA Institute incorporates significant changes each year, which can affect the content and examination format.
The Importance of Staying Updated
The curriculum undergoes revisions to reflect the latest industry developments, standards, and changes in emphasis. Even though some core concepts and quantitative sections remain consistent, new topics and updated standards are often introduced. For example, the 2019 curriculum may include new sections that were not covered in the 2018 books, such as the evaluation of financial institutions in the Financial Risk Analysis (FRA) section.
Core Content vs. Updated Topics
While the majority of the core content from year to year remains identical, there are occasional changes that require you to study the latest material. The difficulty of the CFA exam is primarily expressed through the core content that remains unchanged. Concepts such as financial ratios and quantitative methods are likely to stay consistent. However, there are certain sections, like the Financial Accounting and Reporting (FAR) and Quantitative Methods (Q), that may vary more significantly from year to year.
Practical Considerations
It’s always best to utilize the most recent study materials provided by the CFA Institute. Electronic versions of the curriculum are supplied to examinees, making it easier to access the latest updates. Even if you are familiar with the 2017 material, it is crucial to review the latest changes and additions to ensure comprehensive preparation.
While there is no harm in attempting to supplement your study with questions from previous editions, you must be certain that these questions cover the relevant and up-to-date content. It is recommended to use the most recent books and additional resources for practice to stay aligned with the exam requirements.
Conclusion
In summary, using the 2017 CFA Level 1 books for the 2019 exam can introduce risks if the material is outdated or lacks important updates. It is highly advisable to follow the latest curriculum and study materials to ensure thorough preparation and increased chances of exam success.
Good luck with your preparation!